Stock markets: Amid the sell-off in the global market, there is a huge decline in the Indian stock market on Monday. The market is also under pressure due to tensions between Russia and Western countries over Ukraine issue. While the Sensex fell by 1,500 points during the day’s trading, the Nifty broke the 17,000 level on the downside.
On the first day of the week, Asian markets were under heavy pressure, while the strengthening of crude on the issue of Ukraine due to increasing geopolitical risk has added to the weakness in the financial markets. Due to this, safe haven demand in gold increased and gold on MCX reached almost 3-month high.
The rupee fell by 20 paise to 75.56 against the dollar in early trade on Monday. Analysts said, the sentiment of the Indian market has turned very negative in the short term due to the Ukraine crisis. The weakness in the global market is directly related to the Ukraine crisis.
Ukraine crisis
Ukraine Crisis: The US has warned of a Russian attack on Ukraine, and the weekend talks between US President Joe Biden and Russian President Vladimir Putin did not yield any success. Meanwhile, German Chancellor Olaf Scholz’s conquest of Ukraine today and next day’s diplomatic talks with Russia are all eyes. Geopolitical tensions are another setback for risk asset markets, which are already grappling with inflation and prospects of an interest rate hike by the Federal Reserve.
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In a Livemint report, VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “While these are all negative factors, the markets, led by large-cap bluechips, may make a strong comeback once the Ukraine crisis eases.”
oil prices
Oil Prices: Oil prices in the global market reached a seven-year high in anticipation of US and European sanctions in the event of Russia’s attack on Ukraine. Brent crude futures settled at $95.56 a barrel.
Partha Nyati, Founder, Tradingo said, “Ukraine geopolitical tension led to a steep rise in crude oil prices, which is another setback for the Indian markets. Global markets were trying to adjust with inflation, but geopolitical tensions have worsened the mood of the market.
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inflation figures
Inflation data: Today the retail inflation data is to come. VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “Crude hitting an eight-year high is a major concern for India. If crude remains above $95, the RBI may be forced to raise its CPI inflation forecast to 4.5 per cent for FY23.
Nifty Technical Outlook
Nifty technical outlook: Parth Nyati, Founder, Tradingo said, “Nifty is trading in the key demand zone of 17,000-16,800. As long as Nifty stays above the 16,800 level, the downside will continue to be a buying trend. However, there is a lot of resistance on the upside towards the 17,650 level. There is nothing to worry about till Nifty trades above 16,800, but if it goes below that, the situation may worsen.
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bank nifty
Bank Nifty: Banking stocks have been on the radar after the CBI filed a complaint against ABG Shipyard and its promoters on charges of fraud. The Nifty Banking Index declined 2.8 per cent, while the Public Sector Banking Index declined by 3.5 per cent.
“There is some sentimental impact of banking stocks on ABG Group issue, but it will not have much impact as it is already part of NPAs,” said Parth Nyati.
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